The Panel advises that it has published its reasons in Broncos 03 and 04.
In Broncos 03, the Panel accepted undertakings from Magic Millions in relation to its application under section 657EA requesting a review of the decisions in the Broncos Nos. 1 and 2 proceedings. That followed lengthy consultation with the parties in the contested takeover, and a further application to the Panel.
These are our reasons for granting a modification of section 652B of the Corporations Act (Act), in relation to a takeover bid for Brisbane Broncos Ltd ("Broncos") by Magic Millions League Pty Ltd ("Magic Millions"). The modification allows Magic Millions to withdraw its offers if frustrated in its offer by another person acquiring more than 50% of the voting power in Broncos. This decision is in response to an application by Magic Millions to ASIC for a similar modification.
These are our reasons for deciding that circumstances were unacceptable, but declining to make any declaration, in relation to the affairs of Brisbane Broncos Ltd ("Broncos") and for accepting undertakings to ensure that Broncos shareholders received takeover offers by BB Sports Pty Ltd ("BB") at 17 cents per share for 50% of their Broncos shares, and takeover offers by Magic Millions League Pty Ltd ("Magic Millions") at 18 cents per share for 100% of their Broncos shares, and that, as far as possible, both bids proceed as if the unacceptable circumstances had not occurred.
These are our reasons for refusing an application by Westgold Resources NL (Westgold) for an interim order, a declaration of unacceptable circumstances and final orders in relation to acquisitions of shares by entities related to some of the directors of Precious Metals Australia Ltd (PMA ) under an entitlement issue by PMA.
The Panel today published reasons for its decision in resolving the Precious Metals proceedings. The application was made by Westgold Resources NL in relation to an entitlement issue (rights issue) by Precious Metals under a prospectus dated 15 February 2002.
The Panel advises that it has, by majority, granted conditional relief in response to an application by the Administrators of Pasminco (in their capacity acting for the principal creditors of Pasminco (Creditors)). The application relates to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement (Deed) under Part 5.3A of the Corporations Act (Act). On 19 September 2001, the directors of Pasminco appointed the Administrators. Pasminco's shares are suspended from trading.
The Panel advises that it has decided not to proceed with hearing an application by Westgold in relation to a non-renounceable rights issue prospectus, dated 15 February 2002, issued by Precious Metals Australia Ltd (PMA). The application was received on 7 March. It related to concerns that Westgold asserts about the effect on the level of control of PMA that an underwriting agreement for the rights issue may have if there is a significant shortfall in the rights issue.
The Panel advises that it has received an application by Westgold in relation to a non-renounceable rights issue prospectus, dated 15 February 2002, issued by Precious Metals Australia Ltd (PMA). The application relates to concerns that Westgold asserts about the effect on the level of control of PMA that an underwriting agreement for the rights issue may have if there is a significant shortfall in the rights issue.
The Panel advises that it has today released for public comment a draft Guidance Note on the Panel's procedures for consulting the public and interested parties on the Panel's rules and advice to the market.
The Panel may make rules under section 658C of the Corporations Act (Act) concerning the operation and function of the takeovers provisions of the Act. It can also make rules under section 195 of the ASIC Act, for how it will conduct proceedings before it. So far the Panel has published its procedural rules, but has made no rules under section 658C.
The Panel advises that is currently considering submissions received in relation to an application by the Administrators of Pasminco in relation to the possible restructure of the Pasminco group of companies by one or more Deeds of Company Arrangement under Part 5.3A of the Corporations Act. The application relates to the decision by ASIC on 4 February 2002 to refuse the Administrators' application for an exemption from section 606 of the Corporations Act. The Administrators have applied to the Panel under section 656A of the Act for a review of ASIC's decision.